Category: Exchanges

Cryptocurrency exchanges are platforms where users can buy, sell, or trade cryptocurrencies. These platforms can be centralized (like Binance or Coinbase) or decentralized (like Uniswap or PancakeSwap).

In this section, we present reviews, guides, and news related to different cryptocurrency exchanges. The content may include discussions on security features, user experience, fees, and comparisons between various exchanges, all aimed at helping users choose the best platforms for their needs.

Bybit Secures Provisional Crypto License from Dubai’s VARA

Once labelled as unregulated, Bybit: the second largest cryptocurrency exchange by derivatives trading, has just been pre-approved for licensing by Dubai’s Virtual Asset Regulatory Authority (VARA). This non-operational license implies that Bybit will be able to perform activities in Dubai and provide services to both retail and institutional clients – the next step towards the company’s globalization.

On its part, Bybit’s Chief Operating Officer, Helen Liu noted that factors such as the strategic location of Dubai, free-spirited regulation, and commitment towards the establishment of a hub for innovation make Dubai a fertile ground for the success of Bybit. “Today, there are immense possibilities in the sphere of cryptocurrency for business and investors and it would be sufficient to name only Dubai in this regard,” she continued.

Bybit relocated its headquarters to Dubai at the start of 2022 and earlier this year expanded its partnership with the DMCC from an ecosystem partner to an adviser. The exchange is sill in a process of chasing operating license to the full.

Taking into account, the trading volume of Bybit has ten times more than $15. , ending the day in the second place behind Binance, its derivatives totaled $8 billion on September 16, thus further cementing its position in the global cryptosphere.

Indonesian Crypto Exchange Indodax Hacked, $20 Million Stolen

Indodax, one of Indonesia’s largest cryptocurrency exchanges, was hacked, resulting in a loss of $20 million in assets. The hacker quickly converted the stolen funds into various cryptocurrencies.

Currently, the hacker holds 5,584 ETH ($13 million), 6.84 million POL ($2.56 million), 16.7 million TRX ($2.55 million), and 25 BTC ($1.41 million). These assets are spread across Ethereum, Optimism, Polygon, Tron, and Bitcoin networks.

The incident raises concerns about the security of cryptocurrency exchanges. Indodax has yet to release an official statement regarding the breach or recovery efforts.

This hack serves as a reminder for crypto users to ensure their assets are secured with strong measures like two-factor authentication and cold storage.

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Former Mt. Gox CEO to Launch EllipX Crypto Exchange in Europe

Mark Karpeles, the former CEO of the now-defunct Mt. Gox exchange, is launching a new crypto exchange called EllipX in September, based in Poland. Initially focused on European users, EllipX will comply with the EU’s MiCA regulations and plans to eventually add fiat currency services.

The platform will promote transparency with regular third-party audits and aims to improve security in the crypto space. Karpeles is also offering 50% off trading fees to former Mt. Gox users as part of a reparations gesture, with the discount tied to non-fungible tokens he released for affected users.

Karpeles hopes this new venture will help rebuild trust with the community after the collapse of Mt. Gox in 2014, which resulted in significant losses. He believes the industry has evolved, and EllipX can be a positive example of transparency and security.

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OKX to List Hamster Kombat’s $HMSTR Token

A huge news for gaming buddies and crypto enthusiasts!

$HMSTR token from the blockchain game Hamster Kombat is dropping on OKX Exchange on September 26, 2024. And yes it is hitting the spot market.

What makes it more exciting is that some cool $HMSTR-related campaigns is also getting launched by OKX. To get in on the action, you can check out the countdown on OKX’s platform.

Another best thing is that before the public can buy $HMSTR during the ICO, eligible users can trade $HMSTR futures with double the leverage.

So, all the enthusiasts you can get tokens and make profits before they even hit the market.

If you are new to Hamster Kombat world, then let me tell you what Hamster Kombat is. Hamster Kombat is a fun game where you can run crypto exchanges owned by cute hamsters and use the $HMSTR token as in-game currency.

$HMSTR token listing on OKX could level up the game and token both in the crypto world.

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US SEC Threatens to Sue NFT Marketplace OpenSea

OpenSea, one of the growing NFT marketplaces, is in trouble with the US SEC.

On August 29, CEO of OpenSea Devin Finzer took to social media to share that the SEC sent them a Wells notice, indicating that they may get sued soon.

Reason? The SEC thinks some NFTs on the OpenSea platform could be considered securities. This highlighted the drama between the SEC and the crypto world over whether digital assets like NFTs should be treated as securities.

Fizner is not happy, but he says OpenSea is ready to stand up for creators and artists. Crypto companies debate that the current rules don’t abide by digital assets. They feel that SEC is being unrealistic and getting too involved. While, the SEC claims it’s just trying to protect investors

It is not sure if the SEC is officially investigating OpenSea , but the hit is real.

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Binance Ready for Cardano Chang Hard Fork as Preparations Peak

Binance through its official channels claimed readiness for the Cardano Chang hard fork increasing the readiness level of exchanges. The team originally planned the upgrade for the 27th of August. But, shifted it to the 1st of September because some exchanges were not prepared.

Earlier this week, August 24 to be precise, the founder of Cardano, Charles Hoskinson made the announcement. In that period, only 31 exchanges were ready to accept the hard fork. Of the total $41 million liquidity, 73% were in the exchanges. Those needed more time to comply with Cardano exchange requirements.

Now, Binance has joined 37 exchanges that are now ready for such an upgrade. Other platforms of a similar size are Bithumb, Bybit and Gate. The Ministry of internal affairs and other stakeholders have also prepared as well. Nevertheless, Bitfinex preceded others in signaling its readiness after it revealed it’s plans in the early part of the month.

We can also consider the introduction of the Chang hard fork a positive development for the Cardano ecosystem. Exchange readiness needed to achieve an exchange. Currently, there is 64 % of exchanges that are already ready for it. While, 17 % exchanges are still preparing for it. Some of them are HTX (formerly Huobi) and Bitget that are leading this progress with 7.25% and 4.13% liquidity.

But 11 exchanges in particular have not begun preparing. P2B is a Lithuanian exchange which at present is only 3 years old. With regard to preparation for contingencies, respondents with liquidity of less than 21% are the highest that indicates that they have insufficient preparation.

Furthermore, most of the wallets supported on Cardano are ready for exchange as well. Currently, Ledger, Trezor, and Keystone of the hardware wallets have come forward with their support. The light wallets such as Lace and Nami are also ready This implies that all the light wallets within this application are ready for live use. IOHK which has been working on the development of the Daedalus wallet released an important statement on 20th of August.

At present, 92% of SPOs confirmed their readiness for the update and assure that Cardano’s ecosystem is prepared for it.

Russia to Start Crypto Payment Trials Next Week

Russia targets to introduce trials of crypto for payments next week. Thus, seeks ways of dealing with the barriers that involve sanctions. The trials will begin on September 1, and the regulators will establish whether the crypto exchanges. The tokens’ transactions will serve as effective cross-border payment tools.

During these trials, the exchange of Russian rubles with the cryptocurrencies will facilitate through the National Payment Card System. It comes in the wake of new legislation that allows crypto mining. It sets out circumstances for employing distributed digital assets as instruments of foreign transactions, all supervised by the central bank.

The difficulties connected with the current sanctions and linked punishments influence more and more Russian businesses in international payments. Permanent metal producers in Russia have already included stablecoins in the performance of transactions with China as traditional payment options are limited.

Besides the trials, Russia intends to open at least two Internal Crypto Exchanges on its territory. One exchange may develop based on the infrastructure of SPIMEX, while the other might locate in Moscow.

Developed by the central bank of Russia in 2014, the National Payment Card System supports Mir together with interbank systems. That is why trials were conducted using it, since it already has a developed infrastructure.

If successful, the trials could pave way for more cryptos in the Moscow Exchange and the St. Petersburg Currency Exchange next year. The experiment will allow using various current cryptocurrencies as a mechanism for payment.

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WazirX Resumes INR Withdrawals in Phases After Suspension

Full INR withdrawal limit of 66% to be available from September 9 to September 22.
The first phase started on August 26, allowing users to withdraw 33% of their INR balance.
WazirX, therefore, adopted a staggered approach to withdrawals for security reasons.

WazirX is one of the largest crypto exchanges in India. It finally cleared the INR balance of 66% of users for withdrawal after the reported security breach. This process again started to get on track from August 26, 2024. As, earlier the action on INR withdrawal was on hold for months.

The whole withdrawal process is going to be executed in two stages. The first one has started on August 26, 2024. It will continue until September 8, 2024, during which the users can access their INR balance up to 33%. This allows partial access to their funds, a welcoming gesture for many users after such a long freeze. The second stage is the withdrawal of the remaining amount from September 9 to September 22, inclusive of the completion of the 66% limit of withdrawal.

The gradual approach is to allow for smooth transactions and the safety of the users since the breach led to the suspension. WazirX has said that it is closely monitoring the situation to ensure no further issues arise.

This development has come as a sigh of relief for many users of the platform who had been waiting to access their funds. WazirX is continuing its work of maintaining platform security while it resumes full operations in stages.

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